Temporary Housing Solutions When Buying and Selling a Home at the Same Time

Navigating the simultaneous sale of your current home and purchase of a new one often creates a pressing question: where do you live in between? The core solution involves proactive planning for temporary housing, with options ranging from cost-effective stays with family to flexible corporate housing. The best choice depends on your timeline, budget, and need for furnished space. Securing interim accommodations is a critical, yet manageable, step in the process that prevents last-minute stress.

What is a Rent-Back Agreement?

A rent-back agreement (also known as a leaseback) is a formal arrangement where the seller of a home leases the property back from the new owner for a predetermined period after the closing (the final step in a real estate transaction where the title is transferred from the seller to the buyer). This option is ideal if you need a short overlap between moving out of your old home and into the new one. Before closing, you negotiate terms with the buyer, including the lease duration, monthly rent, and responsibility for utilities and maintenance. Based on our experience assessment, this strategy works best when the buyers are flexible, perhaps because they are not immediately moving in.

What Are the Best Short-Term Rental Options?

If a rent-back agreement isn't feasible, several short-term rental solutions offer flexibility. Your priority should be finding a furnished space to avoid moving your belongings twice.

• Vacation Rental Platforms: Services like Airbnb and Vrbo list fully furnished homes, often available for monthly stays. Owners may offer discounts during off-peak seasons. This is a practical solution for families needing a residential setting.
• Extended-Stay Hotels: These hotels are designed for longer visits, typically featuring kitchenettes and separate living areas. They provide maximum flexibility with minimal commitment, though space is often limited.
• Corporate Housing: These are premium, furnished apartments intended for business travelers. While more expensive, they offer high-end amenities and are suitable for longer, more comfortable stays when budget is less of a concern.
• Standard Short-Term Leases: Sublets or short-term leases for apartments and condos can be found through your real estate agent or online listings. Success depends on local market conditions; in less competitive areas, landlords may be more open to shorter leases.

How Can Your Social Network Help?

Leveraging your personal network can uncover unique opportunities. A simple post on social media explaining your situation might connect you with a friend who has a vacant rental property or a vacation home. While this can lead to a more flexible and potentially budget-friendly arrangement, it’s crucial to treat it professionally. Always offer to pay market-rate rent to avoid straining personal relationships and ensure your friend is fairly compensated.

Where Should You Store Your Belongings?

For most temporary housing options, you’ll need a place to store your furniture and possessions. The most straightforward solution is renting a monthly storage unit. When selecting a unit, compare costs, read reviews to avoid facilities with issues like flooding, and choose a location convenient to your temporary home for easy access. Alternatively, peer-to-peer platforms like Neighbor.com allow you to rent space in someone’s garage or basement, which can be more affordable than traditional storage units.

Thoroughly research and compare all storage costs upfront, including any potential fees for monthly contracts, to avoid unexpected expenses.

Key Takeaways for a Smooth Transition

Successfully managing the gap between homes requires a clear strategy. Start exploring temporary housing options as soon as you list your home for sale. Discuss a potential rent-back agreement with your real estate agent early in the selling process. For most, a combination of a short-term rental and a storage unit provides the necessary flexibility. By planning ahead, you can turn a potentially stressful situation into a seamless part of your moving journey.